The U.S. Senate has voted to advance the stablecoin-regulating GENIUS Act, with 16 Democratic Senators changing their votes to support the bill.
In an interesting development, the U.S. Senate advanced the GENIUS Act in a key procedural vote, passing it by a margin of 66-32.
16 Democratic Senators Change Initial Vote to Yes
The development comes over a week after several Democratic Senators blocked an initial attempt to advance the stablecoin regulation. At the time, these senators expressed concerns over Donald Trump’s potential conflict of interest and anti-money laundering provisions related to the bill.
However, the Senate succeeded in passing the motion to invoke cloture on the GENIUS Act in a 66-32 vote. It bears mentioning that this would not have been possible without 16 Democratic Senators changing their votes to ‘Yes’.
They include Senators Kirsten Gillibrand, Adam Schiff, Ben Ray Luján, Angela Alsobrooks, Mark Warner, Jon Ossoff, Catherine Cortez Masto, John Fetterman, and Alex Padilla.
Others are Senators Elissa Slotkin, Ruben Gallego, Martin Heinrich, Jacky Rosen, Maggie Hassan, Lisa Blunt Rochester, and Cory Booker.
Three of these senators–Schiff, Slotkin, and Gallego–were initially supported by Fairshake PAC during the 2024 election. For context, Fairshake is a political action committee funded by crypto entities like Ripple and Coinbase to advocate for pro-crypto legislation.
Next Steps
Based on the latest development, the GENIUS Act will now proceed to the Senate floor for debate and potential amendments. Afterward, a full vote will be held to determine the bill’s final passage.
Eleanor Terrett, the host of the Crypto in America show, disclosed that this process will commence tomorrow, May 21. Republican Senators, including Cynthia Lummis, hope to pass the GENIUS Act before the U.S. Memorial Day, slated for May 26. However, it is uncertain whether the GENIUS Act will pass by then.
Elizabeth Warren Kicks Against GENIUS Act
Although several Democratic Senators changed their votes to Yes to advance the GENIUS Act, others, like Elizabeth Warren, opposed it.
Before the procedural vote, Senator Warren urged her colleagues to vote against it, arguing that its passage could turbocharge “Trump’s corruption” in the crypto market.
Notably, the U.S. President and his family have several crypto-related projects. They include meme coins (TRUMP and MELANIA), a dollar-pegged stablecoin (USD1), a crypto mining company, and a DeFi protocol (World Liberty Financial).
During her speech, Senator Warren argued that these crypto ventures have fetched hundreds of millions of dollars for Trump and his family. She suggested Trump’s family expects to make more proceeds through the USD1 stablecoin if Congress passes the GENIUS Act.
Launched in March 2025, USD1 has already gained prominence in the stablecoin market. It currently ranks as the fifth biggest stablecoin in the world, with a market cap of $2.12 billion.
Senator Hagerty Reacts to GENIUS Act Advancement
Recall that Senator Bill Hagerty introduced the GENIUS Act in February to regulate the stablecoin market. It aims to ensure that stablecoins are fully backed with regular security audits.
Following the passage of the motion to invoke cloture, Senator Hagerty celebrated the feat, noting that the GENIUS Act would help bring America’s payment system into the 21st century.
According to him, the regulation will guarantee the U.S. dollar dominance, protect consumers, and drive innovation in the crypto space.
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